Indian fintech Navi to raise $100 million ahead of planned IPO

Indian fintech startup Navi announced on Wednesday that it will raise $100 million from Dutch technology investor Prosus NV in their first institutional funding round, as the company prepares for an initial public offering. The investment values Navi at approximately $1.3 billion, according to a source familiar with the matter. Navi is targeting a valuation of around $2 billion for its IPO, as reported by the Economic Times, but the company has not confirmed this information publicly.

The fintech company, founded in 2018 by Sachin Bansal, Flipkart's co-founder, provides digital payments, lending, mutual funds, and insurance through a digital platform. Prosus' investment is contingent upon regulatory approvals, including those from the Competition Commission of India.